Singapore, Mar 14 (UNI) The Comprehensive Economic Cooperation Agreement (CECA) between Singapore and India had the highest utilisation rate of 68 per cent last year, up from 61 per cent in 2005 when compared with performances of Singapore's other Free Trade Agreements (FTAs).
''The CECA is the only FTA with the highest utilisation rate,'' Minister of State for Trade and Industry Lee Yi Shyan told a FTA Symposium held here today.
Describing the FTAs, including the CECA, as superhighways connecting economies and markets, he said total tariff savings gained by companies from the FTAs amounted to 470 million dollars in 2006 alone.
''By removing barriers to trade and investment, they (FTAs) create a freer flow of goods, services and people,'' he pointed out.
The second highest was the United States-Singapore FTA, the utilisation rate of which rose to 47 per cent in 2006 from 34 per cent in 2005.
But Mr Lee has called for further improvement in the FTA performances.
The FTA's second benefit is preferential access to foreign markets. ''Our companies' overseas investments can gain preferential access to certain sectors such as the financial and education sectors,'' he told the Symposium.
''They enjoy enhanced Intellectual Property (IP) protection.
Electronics and telecommunications products also benefit from lower business costs and faster entry into markets because duplicate testing is avoided.'' He said the FTAs added to Singapore's business infrastructure, giving a competitive advantage when attracting foreign companies to form linkages to its economy.
Foreign companies stand to benefit from using Singapore as a gateway to explore opportunities in Singapore's FTA partner countries.
''They can form partnerships with Singapore companies to enter third countries, or set up operations here to enjoy similar tariffs savings. This will contribute to our economy and stimulate local enterprise activity,'' he added.
UNI
''The CECA is the only FTA with the highest utilisation rate,'' Minister of State for Trade and Industry Lee Yi Shyan told a FTA Symposium held here today.
Describing the FTAs, including the CECA, as superhighways connecting economies and markets, he said total tariff savings gained by companies from the FTAs amounted to 470 million dollars in 2006 alone.
''By removing barriers to trade and investment, they (FTAs) create a freer flow of goods, services and people,'' he pointed out.
The second highest was the United States-Singapore FTA, the utilisation rate of which rose to 47 per cent in 2006 from 34 per cent in 2005.
But Mr Lee has called for further improvement in the FTA performances.
The FTA's second benefit is preferential access to foreign markets. ''Our companies' overseas investments can gain preferential access to certain sectors such as the financial and education sectors,'' he told the Symposium.
''They enjoy enhanced Intellectual Property (IP) protection.
Electronics and telecommunications products also benefit from lower business costs and faster entry into markets because duplicate testing is avoided.'' He said the FTAs added to Singapore's business infrastructure, giving a competitive advantage when attracting foreign companies to form linkages to its economy.
Foreign companies stand to benefit from using Singapore as a gateway to explore opportunities in Singapore's FTA partner countries.
''They can form partnerships with Singapore companies to enter third countries, or set up operations here to enjoy similar tariffs savings. This will contribute to our economy and stimulate local enterprise activity,'' he added.
UNI
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